Manchester City Records Biggest Sports Valuation

The City Football Group has announced selling of 10% stake for $500m to US private equity firm Silver Lake.

The deal has valued CFG, the parent company of Manchester City, at a record $4.8bn.

Manchester City are the current champions of Premier League and have qualified for the Champions League last 16.

Group chairman Khaldoon Al Mubarak said: "We and Silver Lake share the strong belief in the opportunities being presented by the convergence of entertainment, sports and technology and the resulting ability for CFG to generate long-term growth and new revenue streams globally."

Silver Lake, which is best known for technology investing, said its investment would "help drive the next phase of CFG's growth in the fast-growing premium sports and entertainment content market".